Remember during last week’s chat…

Remember during last week’s chat when I wrote:

Feet to fire, I’d guess that the market’s probably got 2-5% downside vs. 1-2% upside in the next week or two and then we’ll be back off to the races somewhere starting the second week of August or so and we’ll have a 5-10% upside vs 1-2% downside range at that point. But then again, I don’t day trade or try to time the markets with such precision for a reason, you know?

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Well, we got that 5% downside in the next week, didn’t we?  But we might be a little early according to that quasi-playbook I laid out there during the chat last week.  (Don’t forget to join us today at http://tradingwithcody.com/chat).

At any rate, I haven’t liked the action the last couple days and have rightly been mostly sitting on my large cash balances while the selling has intensified.  I’m still going to let this action play out a little bit here and unless we get a big intraday sell off again today like we did yesterday, I’m not likely to pull any triggers again today.